ForeclosurePulse Blog : Foreclosure Activity Backs Off 30-Month High

Thursday, July 12, 2007 9:01 AM

Foreclosure Activity Backs Off 30-Month High

posted by darenb

Foreclosure activity decreased 7 percent in June, backing down from a 30-month high reached in the previous month, according to the RealtyTrac U.S. Foreclosure Market Report issued today. Despite the month-over-month decrease, however, foreclosure filings were still up 87 percent from June 2006.

Nevada continued to register the nation's highest state foreclosure rate, with one foreclosure filing for every 175 households — more than four times the national average. California switched spots with Colorado to claim the nation's second highest foreclosure rate — one foreclosure filing for every 315 households.

California also reported the highest number of foreclosure filings among all the states, with 38,801. Florida's total of 21,035 foreclosure filings ranked second and Ohio's total of 11,879 foreclosure filings ranked third.

Six of the cities with the 10 highest foreclosure rates were located in California: Stockton at No. 1, Merced at No. 2, Modesto at No. 3, Riverside-San Bernardino at No. 4, Vallejo-Fairfield at No. 7 and Sacramento at No. 8. Las Vegas registered the nation's fifth highest metro foreclosure rate, Greeley, Colo. came in at No. 6, Detroit at No. 9 and Miami at No. 10.

View full report.

Filed Under: Foreclosure Trends

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# Significant decrease won't come until mid 2008

I work for www.CurrentForeclosures.com and we have noticed an increase in the number of foreclosures across the nation since January. However, our records also indicate that foreclosures slightly backed off during the month of June...but I do not believe that this is predicting the decrease in the number of foreclosures-I do not think we will see a decrease until mid 2008, after ARM interest rates reset, and more are foreclosed on.

- TSmith on Thursday, July 12, 2007 9:50 AM

# Fall-Winter market ripe for higher foreclosure activity

We typically see a seasonal increase in foreclosures in the fall and winter that corresponds with the seasonal cooling of the housing market. That expected seasonal increase, coupled with the resetting ARMs, should push foreclosure activity higher at least through the end of 2007. What is hard to predict is when a significant number of investors and buyers will jump back into the market and thereby increase demand and take some pressure off inventory That will only happen in many areas when prices are pushed back down to levels that are truly affordable for a higher percentage of income earners.

- darenb on Thursday, July 12, 2007 12:59 PM

# Fourth highest foreclosure rate

As of May, the state has the 4th highest foreclosures rate according to RealtyTrac. Surprisingly, there were no notice of default filed but there were 17,000 filings under LIS. Overall, there were 21,704 filings, more than double the number of filings last year and more than half of the filings made last April.

- Real Estate 101 on Tuesday, July 24, 2007 10:34 PM

Foreclosure Activity Backs Off 30-Month High

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